First Solar quarterly profit rises on higher module sales

First Solar, the biggest U.S.-based solar panel maker, on Thursday posted a rise in second-quarter profit, helped by higher volume of modules sold to third parties.

Shares of the company were up over 3.3% in extended trading.

• Solar power has become one of the fastest-expanding sectors of the U.S. energy industry, fueled by growing demand from businesses and governments seeking cleaner energy and urgent action on climate change.
• On its post-earnings call, First Solar said it had secured 1.9 gigawatts of additional U.S. bookings since its previous earnings call, while keeping a disciplined approach to new contracts amid uncertainty over U.S. trade policy.
• First Solar said its South Carolina facility will add up to 3.5 GW of module-finishing capacity for products started at overseas plants, while the Steel River Energy Center in Arkansas, which uses its modules, is expected to provide 1.6 GW of solar power and 1.9 GWh of battery storage for Google.
• However, it delayed completion of the second phase of its South Carolina finishing plant to mid-2027.
• First Solar's net sales for the quarter came in at $1.06 billion, down from $1.10 billion a year ago, but in line with analysts' average estimates, according to data compiled by LSEG.
• Net sales dropped primarily due to lower revenue following customer contract terminations.
• The company expects module sales to be between 3.9 GW and 4.5 GW in the third quarter.
• It reported a quarterly net income of $422.5 million, or $3.92 per share, compared with $341.9 million, or $3.18 per share, from the year-ago period.